Question

Silver Co. has a $400 petty cash fund. At the end of the first month the accumulated receipts represent $63 for delivery expenses, $207 for merchandise inventory, and $32 for miscellaneous expenses. The fund has a balance of $98. The journal entry to record the reimbursement of the account includes a:

Answer 1

Credit to cash for $302

Step-by-step explanation:

Account Titles and Explanation Debit Credit

Delivery expenses $63

Miscellaneous inventory $207

Miscellaneous expense $32

Cash $302

(To record petty cash reimbursement)